The year-end report from RealtyTrac.com shows that 2009 had a substantial increase of new foreclosures from 2008, and a 120 percent increase from 2007. This means that there were almost four million reported foreclosure filings in 2009! California currently has one of the highest foreclosure rates in the country, with over one million foreclosure filings to date! San Bernardino County is just one of the major areas being affected by our current housing crisis, with the cities of Victorville, Fontana, and Hesperia being hit the hardest. If you are one of the many people to be affected by the housing crisis, don’t hesitate to contact HomeStart to find out if you qualify for a loan modification.

A loan modification is a permanent change in one or more of the terms of your loan in order to make payments more manageable. The purpose is to allow the borrower to meet the new terms of the loan, allowing them to prevent foreclosure. Loan modifications can lower your interest rates, monthly mortgage payments and the principle balance.

The Obama Administration has already set forth a loan modification program to save the struggling housing market called the Homeowner Affordability and Stability Plan. HASP has a $75 billion budget set aside to help modify distressed mortgages, keeping struggling borrowers in their homes. Obama’s plan requires major lenders and banks to participate in reducing monthly mortgage payments to less than 40% of the borrower’s gross monthly income, offering them financial incentives and repayment with the help of the large budget. HASP has already helped 500,000 people stay in their homes, and plans on helping many more.

HomeStart is a loan modification company based out of San Diego, California, that specializes in these cases. HomeStart has been accredited by both the Better Business Bureau (BBB) and the California Department of Real Estate (DRE) to provide trusted and effective service. Given our tenure and attention to customer service, HomeStart has been successful with close to 90% of submitted loan modification applications.Contact HomeStart at any time to discuss your financial hardship. We will listen and maintain the highest level of confidentiality. Our team of experienced loan modification consultants will help answer any questions you may have, regardless whether or not you pursue a loan modification through HomeStart. We are here to help; start new, not over.

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